元旦假期全球资本市场异彩纷呈。 香港股市开年大涨，恒生指数收涨2.76%，恒生科技指数涨4%。"港股GPU第一股"壁仞科技上市首日大 涨超75%；半导体板块涨幅居前，华虹半导体涨超9%，中芯国际涨超5%；科网股上涨，百度集团涨超 9%，网易涨超6%，阿里巴巴、腾讯控股涨超4%。 美股三大指数收盘涨跌不一，纳指高开低走，收跌0.03%，标普500指数微涨0.19%，道指涨0.66%。明 星科技股表现分化，阿斯麦涨近9%，美光科技涨超10%，二者股价均创历史新高。AMD涨超4%，英伟 达涨超1%，谷歌微涨；特斯拉、微软跌超2%，亚马逊跌近2%，Meta跌超1%，苹果微跌。 | 美股指数 [4 | | | | --- | --- | --- | | 道琼斯 | 纳斯达克 | 标普500 | | 48382.39 | 23235.63 | 6858.47 | | +319.10 +0.66% | -0.03% -6.36 | +12.97 +0.19% | | 中国金龙 | 纳指100期货 | 标普500期货 | | 7859.65 | 25394.50 | 6900.50 | | +329.91 +4.38% | ...

Core Viewpoint - The recent warning from major Western chip companies about the potential collapse of the global semiconductor industry due to Chinese companies' price cuts is primarily a self-serving tactic to protect their own market share rather than a genuine concern for the industry as a whole [3][6][30]. Group 1: Industry Impact - Chinese chip companies have significantly reduced prices, leading to a 35% revenue drop for Western firms and halving profits for some [6][8]. - The loss of orders from Western companies to Chinese firms is accelerating, indicating a shift in market dynamics [8][10]. - The claim that Chinese price cuts will destroy the global semiconductor industry is misleading; instead, it is expected to stimulate demand and expand the market [22][24]. Group 2: Competitive Advantages - Chinese chip manufacturers are able to lower prices due to a mature supply chain and effective cost control, allowing them to maintain profit margins even with reduced prices [10][18]. - Domestic companies like SMIC have achieved a high yield rate of 99.2%, significantly better than Intel's 85%, which contributes to lower production costs [12][14]. - The shift towards domestic equipment manufacturing has reduced reliance on expensive imports, further decreasing production costs for Chinese firms [16][18]. Group 3: Market Dynamics - The global semiconductor market is expected to grow by 12% in 2024 due to increased production capacity and lower prices from Chinese companies, contradicting claims of industry destruction [24][26]. - The competitive landscape is changing, with Chinese firms breaking the previous monopolies held by Western companies, which relied on technological dominance without considering cost efficiency [26][30]. - The future of the global chip market will depend on genuine competition and innovation rather than monopolistic practices [28][30].

Group 1: Share Buybacks - Luxshare Precision plans to repurchase shares worth between 1 billion to 2 billion yuan, while Jiaze New Energy intends to buy back shares worth 22 million to 44 million yuan, and Dagang Holdings aims for a buyback of 2 million to 4 million yuan. These buyback plans are seen as a recognition of the companies' value and confidence in future development, potentially stabilizing stock prices and enhancing market confidence [2][7]. Group 2: Stock Market Performance - On the first trading day of 2026, the Hong Kong stock market surged, with the Hang Seng Index rising by 2.76% and the Hang Seng Tech Index increasing by 4%. The overall Asian stock market rose by 1.1%, with the Korean Composite Stock Price Index surpassing 4300 points for the first time and the UK FTSE 100 Index breaking the 10,000 points mark. This upward trend is driven by optimistic expectations for corporate earnings [2][7]. - In the US stock market, the Dow Jones Industrial Average increased by 0.66% and the S&P 500 by 0.19%, while the Nasdaq Composite fell by 0.03%. Notably, semiconductor stocks performed well, with Micron Technology rising over 10% to reach a new high, and Baidu's stock increasing by over 15% [2][7]. Group 3: E-commerce and Sales - The "iMoutai" e-commerce platform launched on January 1, selling the 53-degree 500ml Flying Moutai at an official price of 1499 yuan per bottle, with sales quickly exhausting the daily quota within half an hour. The platform saw over 240,000 downloads on its launch day, driven by price differences with offline sales, strong brand appeal, and consumer curiosity [3][8]. Group 4: Gold Market Outlook - Following a nearly 65% increase in 2025, gold is expected to continue its upward trend in 2026, with many retail investors anticipating prices to reach historical highs above $5000. Major investment banks like Goldman Sachs and Morgan Stanley maintain bullish forecasts for gold prices, citing factors such as central bank purchases and geopolitical uncertainties [3][8]. Group 5: Semiconductor Industry Developments - The National Integrated Circuit Fund increased its stake in SMIC from 4.79% to 9.25% as of December 29, 2025. SMIC plans to issue shares to the fund to acquire 49% of SMIC North, which will become a wholly-owned subsidiary. This news led to a surge in Hong Kong semiconductor stocks, with Hua Hong Semiconductor rising by 9.4% and SMIC increasing by over 5% [3][9]. Group 6: Investment Themes and Recommendations - Goldman Sachs released its 2026 investment themes, focusing on AI infrastructure, pharmaceutical research, and the Chinese economy, predicting growth that exceeds market expectations. The report highlights the shift in the pharmaceutical sector's focus from weight-loss drugs to cardiovascular treatments [4][9]. - In January, 11 brokerage firms recommended over 100 stocks across 25 industries, with a strong emphasis on technology and cyclical sectors. The electronic industry received the most recommendations, indicating a positive outlook for the 2026 market [4][9]. Group 7: Credit Policy Changes - The People's Bank of China introduced a one-time credit repair policy, allowing individuals to clear overdue information for amounts not exceeding 10,000 yuan if paid by March 31, 2026. This policy aims to encourage debt repayment and improve asset quality for financial institutions [5][10]. - Over 43 billion yuan of public fund inflows are expected to support a slow bull market in stocks, with significant contributions from newly established equity funds and ETFs [5][10].

Core Viewpoint - The National Integrated Circuit Industry Investment Fund has significantly increased its stake in SMIC's H-shares, raising its ownership from 4.79% to 9.25%, indicating strong governmental support for the semiconductor industry and a deepening strategic layout in this sector [1][2][4]. Group 1: Company Actions - The National Integrated Circuit Fund's stake in SMIC has increased by 4.46 percentage points, reflecting a substantial investment in the company [2]. - This move is seen as a signal of the government's commitment to supporting the integrated circuit industry, which is crucial for China's technological advancement [2][4]. Group 2: Market Reaction - Following the announcement, semiconductor stocks in Hong Kong experienced explosive growth, with Huahong Semiconductor's stock price surging over 9% and SMIC's stock rising over 5% [4]. - The market's positive response underscores the significance of the National Integrated Circuit Fund's actions and the optimistic outlook for the semiconductor sector [4]. Group 3: Industry Outlook - Analysts believe that with the global semiconductor cycle recovering and domestic policies supporting the industry, leading manufacturers like SMIC are entering a period of performance and valuation recovery [4]. - The continuous improvement of the domestic semiconductor supply chain is expected to lead to a brighter future for chip companies, particularly those led by SMIC [4].

Core Viewpoint - The National Integrated Circuit Industry Investment Fund has increased its stake in Semiconductor Manufacturing International Corporation (SMIC) from 4.79% to 9.25% as of December 29, 2025, indicating a significant investment in the semiconductor industry [1]. Group 1: Shareholding Changes - The National Integrated Circuit Industry Investment Fund now holds 740,245,419 shares in SMIC, representing 9.25% of the total share capital [1]. - Prior to this increase, the fund held 382,902,023 shares, which accounted for 4.79% of the total share capital [1]. - After the transaction, the fund's A-share holdings amount to 357,343,396 shares, representing 14.03% of SMIC's A-share total and 4.18% of the overall share capital [3]. Group 2: Acquisition Details - SMIC plans to acquire a 49% stake in SMIC North from several entities, including the National Integrated Circuit Industry Investment Fund, for a total price of 40.601 billion CNY [2][5]. - The acquisition will make SMIC North a wholly-owned subsidiary of SMIC, enhancing the company's asset quality and business synergy [5]. Group 3: Financial Performance - SMIC North reported a revenue of 12.979 billion CNY and a net profit of 1.682 billion CNY for the year 2024, reflecting year-on-year growth of 12% and 187%, respectively [5]. - The transaction is expected to promote the long-term development of SMIC without altering its main business scope [5]. Group 4: Future Investments - SMIC is set to receive a total of approximately 7.778 billion USD (over 50 billion CNY) in cash injections from new investors, including the National Integrated Circuit Fund Phase III and the Leading Integrated Circuit Fund [5]. - Following the capital increase, SMIC's registered capital will rise significantly from 6.5 billion USD to 10.0773 billion USD [5][6].

Market Overview - US stock indices closed mixed, with the Nasdaq down 0.03%, S&P 500 up 0.19%, and Dow Jones up 0.66% [2] - Notable tech stocks showed mixed performance, with ASML up nearly 9% and Micron Technology up over 10%, both reaching historical highs [2] - The Nasdaq Golden Dragon China Index rose 4.38%, with significant gains in Chinese concept stocks such as Baidu up 15% and Alibaba up over 6% [2] Commodity Prices - WTI crude oil fell 0.16% to $57.33 per barrel, while Brent crude oil decreased 0.08% to $60.80 per barrel [2] - Spot gold increased by 0.24% to $4329.32 per ounce, and COMEX gold futures rose by 0.02% to $4341.90 per ounce [2] - Spot silver rose 1.4% to $72.6624 per ounce, with COMEX silver futures up 2.35% to $72.27 per ounce [2] International News - The National Integrated Circuit Fund increased its stake in SMIC from 4.79% to 9.25% [10] - BYD surpassed Tesla in annual electric vehicle sales for the first time, delivering 2.25 million units, a 28% increase year-on-year, while Tesla's deliveries fell by 8.6% to 1.636 million units [15]

Group 1: Corporate Leadership Changes - Zong Fuli has resumed her role as the legal representative and manager of Hongsheng Group as of December 26, 2025, replacing Zheng Qundi [2][13] Group 2: Market Performance and Trends - On the first trading day of 2026, Chinese assets, including popular Chinese concept stocks and major Hong Kong indices, experienced significant gains, with the Chinese yuan also strengthening [3][14] - The Nasdaq China Golden Dragon Index rose by 4.38% on January 3, 2026, with notable individual stock performances including Baidu up 15.03% and Alibaba up 6.24% [19] - The Hong Kong stock market opened strongly in 2026, with the Hang Seng Index and Technology Index increasing by 2.76% and 4%, respectively, driven by gains in technology stocks and a focus on artificial intelligence and chips [20] Group 3: Industry Developments - China Satellite, a leader in the commercial aerospace sector, saw its stock price rise continuously since December 2025, with a significant revenue increase of approximately 85% year-on-year in the first three quarters of 2025, marking a turnaround to profitability [5][16] - The successful IPO of Wallen Technology, a leading domestic GPU company, on the Hong Kong Stock Exchange marked it as the first domestic GPU stock, with its share price soaring over 100% on the first day of trading [22] Group 4: Regulatory and Compliance Issues - Ganfeng Lithium, a global lithium industry giant, is under criminal investigation for insider trading related to its acquisition of Jiangte Motor, which has impacted its IPO process for its subsidiary Ganfeng Lithium Battery [6][17]

Market Overview - US stock indices closed mixed, with the Nasdaq down 0.03%, S&P 500 up 0.19%, and Dow Jones up 0.66% [3] - Notable tech stocks showed mixed performance, with ASML up nearly 9% and Micron Technology up over 10%, both reaching historical highs [3] - Chinese concept stocks saw a significant rise, with the Nasdaq Golden Dragon China Index up 4.38%, and Baidu rising 15% [3] Oil and Gold Prices - WTI crude oil main contract fell 0.16% to $57.33 per barrel, while Brent crude oil dropped 0.08% to $60.80 per barrel [4] - Spot gold increased by 0.24% to $4329.32 per ounce, and COMEX gold futures rose 0.02% to $4341.90 per ounce [4] European Market Performance - Major European indices saw slight increases, with Germany's DAX up 0.13%, France's CAC40 up 0.56%, and the UK's FTSE 100 up 0.2% [5] Digital Currency Development - The digital RMB app has upgraded to version 2.0, marking a transition to a "digital deposit currency" era, enhancing user experience and asset management [7][8] Semiconductor Industry Update - The National Integrated Circuit Industry Investment Fund increased its stake in SMIC from 4.79% to 9.25%, indicating strong support for the domestic semiconductor industry [15][16] Electric Vehicle Market Shift - Tesla's global vehicle deliveries for 2025 were 1.636 million, a decline of approximately 8.6%, marking the first time Tesla was surpassed in annual electric vehicle sales by BYD, which reported 2.25 million units sold, a 28% increase year-on-year [21][22]

图片来源：Wind 2026年1月2日，香港交易所信息显示，2025年12月29日，中芯国际同意向国家集成电路产业投资基金股份有限公司（简称"国家集成电路基金"或"国家大 基金"）发行3.57亿股股份。国家集成电路基金在中芯国际H股的持股比例从4.79%提升至9.25%，持股比例接近翻倍。至此，国家集成电路基金持有的中 芯国际股份数量增加到7.40亿股。 | 农怕 Z = 公司士娄应尔那知 | | | | | --- | --- | --- | --- | | 表格序列号: | | | CS20251231E00424 | | 1. 相关事件日期: | | | 2025年12月29日 | | | | | (日/月/年) | | 2. 主要股东知悉相关事件/股份权益的日期（如较晚）: | | | | | | | | (日/月/年) | | 3. 股票代码: | | | 00981 | | 4. 上市公司名称: | | | 半导体制造国际公司 | | 5. 股份类别: | | | 普通股 | | 6. 该类别已发行股份数量: | | | 8.000.404.608 | | 7. 主要股东名称: | | | 国家集 ...

2025年12月29日，中芯国际公告称，中芯国际通过中芯控股与国家集成电路基金等订立新合资合同及新增资扩股协议，将引入大基金三期、先导集成电路 基金等作为中芯南方新的投资方。 根据公告，中芯南方的增资金额为77.78亿美元（约合人民币543亿元），其中35.773亿美元计入注册资本，42.007亿美元计入资本公积。国家集成电路基 金三期增资金额为18.32亿美元。 1月2日，香港交易所信息显示，国家集成电路产业投资基金股份有限公司（以下简称国家集成电路基金）在中芯国际H股的持股比例于12月29日从4.79% 升至9.25%。 | 25 HKEXnews披露易 | | ESS 留子呈交系統 | | DION 線上權益披露系統 。字體大小 A A A EN 筒 盒 | | | --- | --- | --- | --- | --- | --- | | 上市公司文件 | 股權披露 | | 新上市 | | 交易所報告 | | 股權披露 > 披露權益 > 披露權益(由2017年7月3日起透過線上權益披露系統提交存檔的通知) | | | | | | | 按上市法團搜尋 - 現有上市證券 | | | | | | | 股權披 ...